PARIS (Reuters) – Private sector activity in France contracted at its highest rate since January in November, driven by sluggish new orders, shows a survey published on Friday by S&P Global.
The S&P Global and HCOB services sector PMI came in at 45.7 in November, a ten-month low, well below consensus at 49.0 and below October’s 49.2.
The composite PMI, which combines services and manufacturing, fell to 44.8, its lowest level since January, from 48.1 in October and a consensus of 48.3.
The 50 mark separates growth and contraction in activity.
The new orders subindex fell to its lowest level in four years, with international customers in particular limiting their purchases.
For the first time since May 2020, French companies declared themselves pessimistic about activity one year from now.
“The French economy is suffering from numerous uncertainties,” explains Tariq Chaudhry, economist at Hamburg Commercial Bank.
“This is not a good signal for consumption or investment decisions,” he adds.
Manufacturing continued to struggle, with a PMI of 43.2 compared to 44.5 in October and a consensus of 44.5.
(Written by Tassilo Hummel, Corentin Chappron, edited by Blandine Hénault)
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